India’s forex reserves rose by $2.703 billion to $698.192 billion during the week ended July 25, the RBI said on Friday (August 1).In the previous reporting week, the overall reserves had dropped $1.183 billion to $695.489 billion.
For the week ended July 25, foreign currency assets, a major component of the reserves, increased by $1.316 billion to $588.926 billion, the data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.The gold reserves grew by $1.206 billion to $85.704 billion during the week, the RBI said.The Special Drawing Rights (SDRs) were up by $126 million to $18.809 billion, the apex bank said.India’s reserve position with the IMF was higher by $55 million at $4.753 billion in the reporting week, the RBI data showed.The RBI actively manages currency market volatility through measures like liquidity adjustment and selling dollars, without aiming for a fixed rupee level; its priority is ensuring stable and orderly market conditions.Also Read: Over half of Indian exports to US unaffected by new tariffs: Sources
Source link
